According to Zhitong Finance App, Hengyi Petrochemical (000703.SZ) announced that Zhejiang Hengyi Petrochemical Co., Ltd. (hereinafter referred to as “Hengyi Co., Ltd.”), a wholly-owned subsidiary of the company, intends to purchase 51% of Shaoxing Keqiao Hengming Chemical Fiber Co., Ltd. (hereinafter referred to as “Shaoxing Hengming”) held by Fujian Kunyi Investment Partnership (hereinafter referred to as “Fujian Kunyi”) in cash. The final actual transaction price was executed at 1,2001 billion yuan.

The transaction was a prudent decision based on the company's long-term business development plan. Shaoxing Hengming is a large-scale polyester fiber manufacturer with mature production technology, stable product quality, strong competitiveness and customer base, and obvious industrial synergy with listed companies. The company's production and operation have been stable in recent years, and has good continuous profitability and abundant operating cash flow.

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